People planning to use their credit cards while abroad have been urged to consider the charges they may be liable to pay.
Moneyfacts has warned credit card holders that they could face additional charges when using them in a foreign country, with many providers charging a rate of three per cent on purchases and cash transactions.
"Taking cash out on your credit card is never advisable even in the UK, as not only is the interest rate much higher than on purchases but you will be charged the interest from day one," the site explained.
Additionally, credit card holders could be charged a handling fee and a foreign usage charge if they take cash out overseas, it added.
Earlier this year, Mark Bowerman, a spokesperson for UK payments association Apacs, urged people to ensure that they are dealing with a "reputable" company when completing transactions abroad because of an increased risk of fraud .
News Side
Credit card holders warned about charges
Mon, 19 May 2008
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